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>I filed at 62, eight years ago. The monthly amount was $103, which has since increased to about $150
If your SS check is that low, and you are 70, you are probably also eligible for SSI. (Google it.)
Absolutely not. I have WAY too much income to be eligible for SSI (see post #224). Social Security is not people's only source of income in retirement. However, I appreciate the kindness behind your post.
the simple answer is they work longer. delaying retiring if you have to can make a big difference in marginal cases.
for every year you delay , you are spending less from savings , maybe accumulating a little more savings , growing your social security payment as well as colas and hopefully compounding what little savings you do have.
a few years of delaying can make a big difference .
retirement planning is like losing weight. we all know what we need to do , should have done or would have done. the issue is most just can't pull it off or do not want to do what is needed..
sure , most of us want out at 62 but the reality is most can't and shouldn't..
I've been in a lot of these discussions and the consensus seems to be there is no right or wrong answer. Obviously if you can keep working that will be the biggest payout. But some are forced into retirement and have to make a choice between filing early vs tapping their retirement account. And life expectancy is a huge factor as well. If you are overweight with a family history of heart disease you would be foolish to wait IMO
The break even point seems to be pretty clear, that's simple math and it is somewhere around 78 years old (don't hold me to that figure). But what that does not consider is the lost gains tapping your retirement account will cost. If you leave it alone then obviously that money will continue to grow, if you take it out monthly (dollar cost ravaging which is the opposite of dollar cost averaging) your portfolio will not be as large and obviously will not grow.
Another factor seems to be uncertainty the future brings, many feel the need to take it while it's still on the table and before Congress changes the rules.
Me? From everything I've read and since I plan on a long life due to genes I'm going to delay as long as possible. But of course everything could change by the time I'm 62 and I may be forced to file early.
Most retirees statistically turn so conservative or get so scared when markets drop that in reality few actually get a return that surpases the risk free gain they get in ss.
But the discussions we have on the subject of what age to take ss only apply to those who have that choice . It does not apply to anyone who has no choice because they are not fully prepared to retire yet but have to.
I'm talking about someone who has made less than 20 bucks an hour their entire life for whatever reason. Places that pay that low generally do not have a 401k or pension plan. A low wage worker will have very little (if any) money to save after living expenses are paid.
Depends on the lifestyle the 'lower wage earner' wants: if he/she demands a retirement that consists of cruises, new cars, fancy apartment or home ownership, etc., then odds are it 'ain't gonna happen'.
However, there is low cost HUD housing for seniors and tax credit apartments and rent is based on income (one must plan way ahead though because the wait lists can be as long as 5 or more years to get in the door).
It's doable, just that spending has to be at the lowest point possible in order to still have a roof over one's head and food to eat.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by tiluha
Not true!
I know a couple of people in their 80s and even 90s living on only social security, in one case less than $800/month living in an assisted living facility paid mostly by medicaid. Three great home cooked meals a day and everything else one needs at that age. The question is whether that kind of support will still exist for the boomers when the bulk of them start to retire in 10-15 years.
Most US citizens were enrolled into SS by their parents, or they decided to enroll themselves at some point.
Some have worked for R/Rs; or else state, county, city municipalities; or else for school districts.
The percentage of Americans who do not have SS [or some other form of pension] is very tiny.
Nearly everyone will get some form of pension.
Quote:
Originally Posted by Hemlock140
I know a couple of people in their 80s and even 90s living on only social security, in one case less than $800/month living in an assisted living facility paid mostly by medicaid. Three great home cooked meals a day and everything else one needs at that age. The question is whether that kind of support will still exist for the boomers when the bulk of them start to retire in 10-15 years.
We have neighbors in their 50s who get $600 to $800/month. As well as the older crowd, who tap into SS [or pensions].
Depends on the lifestyle the 'lower wage earner' wants: if he/she demands a retirement that consists of cruises, new cars, fancy apartment or home ownership, etc., then odds are it 'ain't gonna happen'.
However, there is low cost HUD housing for seniors and tax credit apartments and rent is based on income (one must plan way ahead though because the wait lists can be as long as 5 or more years to get in the door).
It's doable, just that spending has to be at the lowest point possible in order to still have a roof over one's head and food to eat.
Hmmm many lower wage earners are lower income earners in retirement and have living skills many others don't. They also have family survival skills that many of us might not.
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